In this research report, the InGaAs camera market has been segmented on the basis of camera cooling technology, scanning type, application, and geography. The market is expected to be valued at USD 132.6 million by 2023, at a CAGR of 9.1% between 2017 and 2023. The major factors driving the growth of the InGaAs camera market include increasing demand for line scan cameras for machine vision applications, high penetration of InGaAs cameras in military and defense, and increasing demand for InGaAs cameras in security, surveillance, and firefighting.
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Emerging applications of InGaAs cameras in several verticals provide an opportunity for InGaAs camera manufacturers. The ability of SWIR light to differentiate between colors and analyze material properties such as temperature, water vapor, and chemical composition makes InGaAs cameras ideal for several applications including art inspection, spectroscopy, and astronomy. Moreover, emerging applications of InGaAs cameras such as for plastic sorting in the recycling industry, food analysis and sorting in the food industry, and molten metal processing in the metal and glass industry creates a huge opportunity for InGaAs camera manufacturers.
The market for line scan cameras is expected to register a higher CAGR. This growth can be attributed to the use of line scan cameras in machine vision applications. Line scan cameras are primarily used in applications where there is a requirement to capture the images of fast-moving objects. These cameras are beneficial for various applications in different verticals, including semiconductor, food and beverages, and industrial.
The market for the industrial automation application is expected to register the highest CAGR between 2017 and 2023. InGaAs cameras are extensively used in the industrial automation application. InGaAs cameras are used in machine vision applications in the fields of robotics and gripping technology; guidance/orientation assistance; object and pattern recognition; object type, position, and direction recognition; label, OCR, and barcode recognition; color and completeness checks; packaging and printing industry for completeness checks, endless web inspection systems, and logistics; and fast moving object analysis.
Asia Pacific (APAC) is expected to register the highest CAGR during the forecast period. This growth is attributed to the high economic growth witnessed by major developing economies in this region. China accounted for the largest share of the InGaAs camera market in 2016 because of the huge demand for InGaAs cameras from the country’s industrial manufacturing, and military and defense applications. High demand of line scan cameras from the growing industrial sector and the presence of a number of leading InGaAs camera manufacturers in APAC are some of the factors driving the growth of the InGaAs cameras in this region.
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